Refinancing your current Florida adjustable rate mortgage with FHA is a great option to secure a fixed rate mortgage. Florida FHA home loans are easier to qualify and offer more flexibility than conventional loans. You can also cash out equity to pay off high interest debt, make home improvements or pay any other expenses.
FHA offers (3) separate refinancing options:
1. FHA Rate/Term Refinance:
The FHA Rate/Term Refinance is for Florida home owners who currently have a conventional fixed rate or ARM mortgage and wish to refinance into a lower interest rate. Remember, you do NOT have to currently have a FHA home loan to refinance into one. The FHA rate/term refinance program helps borrowers who wish to have a secure FHA insured fixed rate mortgage.
2. Cash-Out FHA Refinance:
A Florida Cash Out FHA Refinance Loan is perfect for the Florida homeowner who would like to access the equity in their home. The Florida FHA loan program is beneficial to homeowners whose property has increased in value since it was purchased. With a Florida FHA Cash Out Refinance, you can access up to 85% of your home’s value.
3. Streamline FHA Refinance:
The Florida FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. A Streamline FHA Refinance Loan can be performed quickly and easily. It typically requires less paperwork than a normal refinance and sometimes no appraisal, qualifying debt ratios or income verification.
3/6/2012 – Learn about the latest Florida FHA Streamline information by clicking here.
FHA Loan Amount and Financing Details:
The maximum loan amount allowed for an FHA Refinance Loan varies from county to county in Florida as stated over in the FHA Details page here. Florida FHA home loans do have maximum allowed loan amount limits depending on the Florida county/location of your new home. Nearly all the counties in Florida have a maximum mortgage limit of at least $271,050. Some Florida counties to the south (Monroe County, Collier County, Broward County, Manatee County, Palm Beach County) have maximum loan amount limits of at least $420,000 and as has high as $729,750. Please click here to look up your county FHA loan limit.
The maximum FHA financing for a Florida FHA Rate/Term Refinance (No Cash-Out) or FHA Streamline Refinance (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum mortgage financing for an FHA Cash-Out Refinance is 85%.
What factors determine if I am eligible for an FHA Refinance Home Loan?
To be eligible for an FHA Refinance Loan, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background and past mortgage payment history will be carefully considered as well. A minimum credit score of a 620 is usually required to obtain an FHA approval. Additionally, you must have enough monthly income to pay your housing costs plus all revolving monthly debt.
We would be happy to answer your questions about the FHA qualification requirements and assist you with your FHA home loan pre-approval. To expedite your request quickly, please fill out the short information request form (located on the upper right side of your screen) an FHA Mortgage Specialist will contact you today. You can also call us 7 days a week/ 9am-8pm at 904.302.6060. See why FHA Mortgage Source is Florida’s leading resource for all Government home loans.
Please be sure to visit our FHA News page here for the latest FHA Program home loan info.
Looking to purchase a home outside of the major city in a more rural location? Please be sure check into the 100% USDA Home Loan by clicking here. Did you know the USDA Rural Housing program requires $0 down payment in qualifying locations around Florida.
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